香港本地股方面，长实集团涨1.84%，收报45.42港元；新鸿基地产涨2.33%，收报123.1港元；恒基地产 涨2.91%，收报31.8港元。 中资金融股方面，中国银行跌0.43%，收报4.6港元；建设银行跌0.26%，收报7.81港元；工商银行跌 0.47%，收报6.38港元；中国平安涨0.85%，收报71.3港元；中国人寿涨2.87%，收报34.46港元。 新华社香港2月3日电 香港恒生指数3日涨59.2点，涨幅0.22%，收报26834.77点。全日主板成交3351.52 亿港元。 国企指数跌27.08点，收报9053.11点，跌幅0.3%。恒生科技指数跌59.05点，收报5467.26点，跌幅 1.07%。 蓝筹股方面，腾讯控股跌2.92%，收报581港元；香港交易所跌0.52%，收报422港元；中国移动涨 0.38%，收报78.3港元；汇丰控股涨3.12%，收报138.9港元。 石油石化股方面，中国石油化工股份涨1.33%，收报5.32港元；中国石油股份涨0.22%，收报8.97港元； 中国海洋石油涨0.6%，收报23.36港元。 【纠错】 【责任编辑:胡蓉】 ...

Investment Rating - The report maintains an "Accumulate" rating for the real estate sector, indicating a potential investment return that exceeds the market benchmark index by 5% to 15% over the next 6-12 months [7]. Core Insights - As of early 2026, multiple regions have initiated old housing acquisitions, significantly accelerating the "old-for-new" program, supported by a reduction in the central bank's one-year relending rate from 1.5% to 1.25% [1][3]. - Local governments are actively engaging in funding through various means, including fiscal support and bank loans, to facilitate the acquisition and renovation of old housing, thereby enhancing the supply of affordable rental housing [3]. - The report highlights that the government's direct acquisition of second-hand old houses is an effective measure to streamline the housing exchange process, reduce the exchange cycle, and simplify procedures, ultimately promoting the sales of new homes [3]. Summary by Sections Section 1: Old Housing Acquisition - The "old-for-new" service has been launched in various cities, with Shanghai and Hangzhou being notable examples where initial registrations have been completed and dynamic waiting lists established for families wishing to participate [1][2]. - Specific focus areas include older properties in urban centers, with clear ownership and reasonable pricing, aimed at facilitating housing exchanges for those in need [2]. Section 2: Market Dynamics - By the end of 2025, public funds held a mere 0.43% of their stock investment value in the real estate sector, indicating a significant underweight compared to standard industry allocation [4]. - The report suggests that high-energy cities are likely to benefit from urban renewal initiatives, leading to structural optimization and gradual stabilization of the market [5]. Section 3: Investment Recommendations - The report recommends focusing on three main investment lines: 1. Real estate companies with strong credit advantages and high product reputation in core cities, such as China Merchants Shekou and China Jinmao [5]. 2. Public REITs with rich existing resources and strong operational brand competitiveness, such as China Resources Land and Shanghai Lingang [5]. 3. Long-term growth potential in property services, recommending companies like China Merchants Jiyu and Greentown Service [5].

多地启动旧房收购， "以旧换新"明显提速 ——光大地产板块及重点公司跟踪报告 2026 年 2 月 3 日 行业研究 要点 一、2026 开年，多地启动旧房收购，"以旧换新"明显提速。 1）1 月 15 日，央行宣布各类再贷款一年期利率从 1.5%下调到 1.25%，央行 2024 年 5 月设立的 3000 亿元保障性住房再贷款利率同步降至 1.25%。 2）1 月 22 日，上海奉贤发展（集团）在公众号发文，"以旧换新"服务已完成 首批 50 组家庭的正式登记，建立动态轮候机制，目前有 14 组家庭进入轮候（如 前 50 组家庭因故退出，轮候家庭按顺序递补）。1 月 25 日，杭州富阳乐居（杭 州富阳城市建设投资集团下属全资子公司）推出商品住房"以旧换新"，由富阳 乐居收购符合条件的旧房，并向旧房权属人（简称"换房人"）发放"以旧换新 抵价券"（旧房收购成交价格）及"以旧换新购房券"用于换房人购置新房。 3）2026 年 2 月 2 日，上海浦东、静安、徐汇三区和建设银行上海分行进行签 约，收购二手住房用于保障性租赁住房。从具体实施方案来看，浦东新区优先聚 焦内环内、2000 年以前建成、单套建面低于 7 ...

蓝筹股方面，腾讯控股跌1.24%，收报598.5港元；香港交易所跌1.85%，收报424.2港元；中国移动 跌2.26%，收报78港元；汇丰控股跌1.39%，收报134.7港元。 香港本地股方面，长实集团跌2.71%，收报44.6港元；新鸿基地产跌4.3%，收报120.3港元；恒基地 产跌0.71%，收报30.9港元。 新华社香港2月2日电 香港恒生指数2日跌611.54点，跌幅2.23%，收报26775.57点。全日主板成交 3478.86亿港元。 国企指数跌236.9点，收报9080.19点，跌幅2.54%。恒生科技指数跌191.87点，收报5526.31点，跌 幅3.36%。 中资金融股方面，中国银行跌1.07%，收报4.62港元；建设银行跌1.01%，收报7.83港元；工商银行 跌1.23%，收报6.41港元；中国平安跌2.75%，收报70.7港元；中国人寿跌3.96%，收报33.5港元。 石油石化股方面，中国石油化工股份跌2.42%，收报5.25港元；中国石油股份跌3.56%，收报8.95港 元；中国海洋石油跌4.76%，收报23.22港元。 【纠错】 【责任编辑:邱丽芳】 ...

Market Overview - The Hang Seng Index (HSI) closed at 27,742.89, down by 225.20 points or 0.81% as of January 29, 16:00 Eastern Time [1] - The index reached a high of 27,909.81 and a low of 27,419.65 during the trading session, with an average price of 27,664.73 [1] - The 52-week high for the index is 27,909.81, while the 52-week low is 19,335.70 [1] Blue-Chip Stocks Performance - Most large-cap stocks experienced declines, with HSBC Holdings closing at HKD 138.219, up 0.45% compared to the Hong Kong close [2] - Tencent Holdings closed at HKD 619.286, down 0.44% from the Hong Kong close [2] Individual Stock Movements - Tencent Holdings (00700) latest price is HKD 622.000, with a slight increase of 1.000 or 0.16% [3] - Alibaba Group (09988) latest price is HKD 173.300, down by 0.200 or 0.12% [3] - HSBC Holdings (00005) latest price is HKD 137.600, up by 0.100 or 0.07% [3] - China Construction Bank (00939) latest price is HKD 8.160, up by 0.130 or 1.62% [3] - AIA Group (01299) latest price is HKD 90.950, up by 2.100 or 2.36% [3] - Xiaomi Group (01810) latest price is HKD 36.620, up by 0.300 or 0.83% [3] - NetEase (099999) latest price is HKD 206.600, down by 5.400 or 2.55% [3] - Meituan (03690) latest price is HKD 98.600, up by 0.250 or 0.25% [3] - Industrial and Commercial Bank of China (01398) latest price is HKD 6.640, up by 0.050 or 0.76% [3] - Hong Kong Exchanges and Clearing (00388) latest price is HKD 444.200, up by 5.000 or 1.14% [3] - Ping An Insurance (02318) latest price is HKD 73.300, up by 2.350 or 3.31% [3] - Baidu Group (09888) latest price is HKD 155.500, down by 0.600 or 0.38% [3] - China Bank (03988) latest price is HKD 4.760, up by 0.090 or 1.93% [3] - BYD Company (01211) latest price is HKD 101.800, down by 1.000 or 0.97% [3] - JD.com (09618) latest price is HKD 114.600, down by 1.700 or 1.46% [3] - Ctrip Group (09961) latest price is HKD 482.200, down by 13.200 or 2.66% [3]

国企指数跌13.6点，收报9147.21点，跌幅0.15%。恒生科技指数跌72.02点，收报5725.99点，跌幅 1.24%。 蓝筹股方面，腾讯控股涨0.76%，收报599.5港元；香港交易所涨0.24%，收报423港元；中国移动跌 0.88%，收报78.8港元；汇丰控股涨0.77%，收报131港元。 香港本地股方面，长实集团涨3.14%，收报45.36港元；新鸿基地产涨3.93%，收报119港元；恒基地产涨 0.33%，收报30.3港元。 新华社香港1月26日电 香港恒生指数26日涨16.01点，涨幅0.06%，收报26765.52点。全日主板成交 2616.99亿港元。 中资金融股方面，中国银行涨0.22%，收报4.47港元；建设银行涨0.66%，收报7.66港元；工商银行涨 1.46%，收报6.24港元；中国平安涨1.64%，收报68.1港元；中国人寿涨2.03%，收报32.18港元。 石油石化股方面，中国石油化工股份涨2.94%，收报5.26港元；中国石油股份涨3.68%，收报8.73港元； 中国海洋石油涨4.01%，收报23.34港元。 【纠错】 【责任编辑:谷玥】 ...

花旗表示，投资者预期香港楼价在今年将进入上升周期，若政府加快土地出售，可能带来供应问题。该 行表示，相较亚太其他地区，香港地产股的估值(NAV折让或市账率)仍具吸引力，但公司开始需要显示 独特性和实际业绩，来支撑股价的进一步重估。 星展发布研报称，新鸿基地产为香港最大地产发展商，拥有庞大土地储备及稳健投资物业组合，构成其 核心优势，约1,970万平方呎的可发展土储，其中有不少为农地，预计可受惠于北部都会区加速发展。 该行指出，公司去年通过政府招标及土地用途转换等多种方式，收购了六幅住宅用地，预料合计可提供 超过300万平方呎的应占总楼面面积，凭借有利的土地成本，估计相关项目税前利润率超过30%，将支 持公司盈利复苏。 新鸿基地产(00016)涨近6%，截至发稿，涨5.76%，报121.1港元，成交额6.07亿港元。 ...

Core Viewpoint - Sun Hung Kai Properties (00016) has seen a nearly 6% increase in stock price, reflecting positive investor sentiment driven by its strong land reserves and investment property portfolio [1] Group 1: Company Overview - Sun Hung Kai Properties is the largest real estate developer in Hong Kong, with a substantial land reserve of approximately 19.7 million square feet, including significant agricultural land that is expected to benefit from the accelerated development of the Northern Metropolis [1] - The company acquired six residential land parcels last year through government tenders and land use conversions, which are expected to provide over 3 million square feet of attributable gross floor area, supporting a projected pre-tax profit margin exceeding 30% due to favorable land costs [1] Group 2: Market Outlook - Citigroup indicates that investors anticipate a rising cycle for Hong Kong property prices this year, with potential supply issues if the government accelerates land sales [1] - Compared to other regions in Asia-Pacific, Hong Kong real estate stocks remain attractive in terms of valuation (NAV discount or price-to-book ratio), but companies need to demonstrate uniqueness and actual performance to support further stock price revaluation [1]

2026 年 1 月 21 日 行业研究 2025 全年核心 30 城宅地成交建面同比-9%，成交均价同比+6% ——土地市场月度跟踪报告（2025 年 12 月） 要点 2025 年，百城宅地成交建面同比-14.2%，成交楼面均价同比+3.4%。 2025 年，百城成交住宅类用地建面为 3.20 亿平，累计同比-14.2%；成交楼面 均价为 5,605 元/平方米，累计同比+3.4%。分能级城市来看，2025 年全年， 一线城市：供应住宅类用地建面为 1,077 万平，累计同比-31.2%；成交建面 966 万平，累计同比-29.3%；成交楼面均价为 35,203 元/平方米，累计同比+18.6%。 二线城市：供应住宅类用地建面为 1.49 亿平，累计同比-4.5%；成交建面为 1.25 亿平，累计同比-1.0%；成交楼面均价为 6,420 元/平方米，累计同比+3.2%。 三线城市：供应住宅类用地建面为 2.15 亿平，累计同比-24.9%；成交建面为 1.85 亿平，累计同比-20.5%；成交楼面均价为 3,509 元/平方米，累计同比-1.6%。 2025 年，新增土储价值排名前三为中海地产、华润置地 ...

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 德祥地产（00199）今早复牌一度涨超5%，截至发稿，股价上涨3.52%，报1.47港元，成交额1469.421万 港元。 1月20日晚，德祥地产发布公告，向立法会议员吴杰庄博士配售新股，同时向战略股东瑞凯（Reynold Lemkins）配售新股及认股权证。新股价格为每股1.14港币，较上轮配售溢价62.86%；权证行权价格为 每股1.704港币，较前收盘价溢价20%。新股交割及权证行权后，瑞凯将新增投资4.7亿港币提升持股比 例至30.90%，触及全面要约收购阈值。公告显示，相关股份均附带12个月锁定期，募资用于加速RWA 数字资产战略升级落地及相关投资、并购。 责任编辑：卢昱君 德祥地产（00199）今早复牌一度涨超5%，截至发稿，股价上涨3.52%，报1.47港元，成交额1469.421万 港元。 1月20日晚，德祥地产发布公告，向立法会议员吴杰庄博士配售新股，同时向战略股东瑞凯（Reynold Lemkins）配售新股及认股权证。新股价格为每股1.14港币，较上轮配售溢价62.86%；权证行权价格为 每股1.704港币，较前收盘价溢价 ...